Nigeria Launches $617M Program to Support Young Entrepreneurs

Nigeria is making a big bet on its young innovators, and the results are already inspiring.

The federal government's iDICE program just welcomed 185 entrepreneurs into its first Founders Lab cohort, chosen from over 7,000 applications submitted in March. This marks a major milestone for the $617 million Investment in Digital and Creative Enterprises initiative, which launched in 2023 to transform Nigeria's digital and creative economy.

The numbers tell a powerful story. Co-financed by the African Development Bank, Agence Française de Développement, and Islamic Development Bank, iDICE aims to train 300,000 young Nigerians in digital and creative skills. The program will establish 66 innovation hubs across the country and provide financing support to hundreds of startups.

"By unlocking the creative and digital potential of our youth, the Federal Government is investing in sectors that will define Nigeria's future economy," said Vice President Kashim Shettima. The program is creating pathways for young innovators to build globally competitive businesses right from home.

The selection process was deliberately inclusive. Founders from all six of Nigeria's geopolitical zones made the cut, extending opportunities beyond traditional startup hubs like Lagos and Abuja. Women entrepreneurs represent 38% of the cohort, surpassing the program's 30% gender inclusion target.

Now the real work begins. These 185 founders will spend 12 weeks in intensive training focused on mentorship, business development, and investment preparedness. Top performers can receive grants up to ₦10 million (roughly $6,250) to accelerate their ventures.

The Startup Bridge initiative offers two tracks. The Founders Lab serves early-stage innovators, while the Growth Lab (opening applications soon) targets post-MVP startups with existing traction. Both aim to build a stronger pipeline of scalable businesses that create jobs and attract investment.

The Ripple Effect

This program represents more than startup support. It's about economic transformation at scale. Dr. Olasupo Olusi, Managing Director of the Bank of Industry, sees these founders as representatives of a new generation's ambition, creativity, and resilience.

National Coordinator Ife Adebayo believes Nigeria's next globally impactful startups will emerge from this process. As the wider iDICE program continues rolling out, additional interventions will cover infrastructure development, creative sector support, enterprise financing, and digital skills expansion.

Nigeria is positioning itself as a leading force in Africa's digital and creative economy, one entrepreneur at a time.